TIMESHARING AGREEMENT

Exhibit 10.42

TIMESHARING AGREEMENT

This Timesharing Agreement, made and entered into this October 22^nd, 2004 by and between Amsdell Holdings I, Inc., an Ohio corporation, with principal offices at 6745 Engle Road, Suite 300, Cleveland, OH 44130 (“Lessor”), and U-Store-It Mini Warehouse Co. (“Lessee”).

W I T N E S S E T H, that

WHEREAS, Lessor has entered into that certain Aircraft Lease with Aqua Sun Investments, L.L.C. dated March 15th, 2001 (the “Lease”) for that certain civil Aircraft (hereinafter defined) bearing the United States Registration Number N306CJ (“the Aircraft” or “Aircraft”); and of the type Cessna Citation CJ2 (CE-525A), Serial # 525A-0016.

WHEREAS, Lessor employs a fully qualified flight crew to operate the Aircraft; and

WHEREAS, Lessor and Lessee desire to lease said Aircraft and flight crew on a Time Sharing basis as defined in Section 91.501 (c) (1) of the Federal Aviation Regulations “FAR”.

NOW, THEREFORE, Lessor and Lessee, declaring their intention to enter into and be bound by this Agreement, and for good and valuable consideration, the receipt of which is hereby acknowledged, hereby covenant and agree as follows:

1. Lessor agrees to lease the Aircraft to Lessee pursuant to the provisions of FAR 91.501 (c) (1) and to provide a fully qualified flight crew for all operations for the period of twelve (12) months, commencing on October 22^nd, 2004, and terminating October 21^st , 2005. Not withstanding, this Agreement may be terminated for any reason by either party upon thirty (30) days prior written notice to the other party.

2. Lessee shall pay Lessor for each flight conducted under this Agreement the actual expenses of each specific flight as authorized by FAR Part 91.501 (d). These expenses are limited to:

3. Lessor will pay all expenses related to the operation of the Aircraft whenever Incurred.

4. Lessee will provide Lessor with requests for flight time and proposed flight schedules as far in advance of any given flight as possible, and in any case, at least twenty four (24) hours in advance of Lessee’s planned departure. Requests for flight time shall be in a form, whether oral or written, mutually convenient to, and agreed upon by the parties. In addition to proposed schedules and flight times, Lessee shall provide at least the following information for each proposed flight at some time prior to scheduled departure as required by the Lessor or Lessor’s flight crew:

5. Lessor shall have final authority over the scheduling of the Aircraft, provided, however, that Lessor will use its best efforts to accommodate Lessee’s needs and to avoid conflicts in scheduling.

6. Lessor shall be solely responsible for securing maintenance, preventive maintenance and required or otherwise necessary inspections on the Aircraft, and shall take such requirements into account in scheduling the Aircraft. No period of maintenance, preventive maintenance or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft; unless said maintenance or inspection can be safely conducted at a later time in compliance with all applicable laws and regulations, and within the sound discretion of the pilot in command. The pilot in command shall have final and complete authority to cancel any flight for any reason or condition, which in his judgment would compromise the safety of the flight.

7. Lessor shall employ, pay for and provide to Lessee a qualified flight crew consisting of two (2) pilots for each flight undertaken under this Agreement.

8. In accordance with applicable Federal Aviation Regulations, the qualified flight crew provided by Lessor will exercise all of its duties and responsibilities in regard to the safety of each flight conducted hereunder. Lessee specifically agrees that the flight crew, in its sole discretion, may terminate any flight, refuse to commence any flight, or take other action, which in the considered judgment of the Pilot in Command is necessitated by considerations of safety. No such action of the Pilot in Command shall create or support any liability for loss, injury, damage or delay to Lessee or any other person. The parties further agree that Lessor shall not be liable for delay or failure to furnish the Aircraft and crew

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pursuant to this Agreement when such failure is caused by government regulation or authority, mechanical difficulty, war, civil commotion, strikes or labor disputes, weather conditions or acts of God.

9. Lessor will provide such additional insurance coverage as Lessee shall request or require, provided, however, that the cost of such additional insurance shall be borne by Lessee. Notwithstanding anything to the contrary contained in this Agreement, it is expressly understood and agreed, such understanding and agreement being a significant and material inducement to the execution of this Lease by Landlord, that; (i) there shall be absolutely no personal liability of whatsoever nature imposed upon Landlord, its successors or assigns, any partner of Landlord, whether general or limited or their respective heirs, personal representatives, successors or assigns, or any mortgagee in possession with respect to any of the terms, covenants or conditions of this Lease; (ii) in the event that Lessee suffers a loss by reason of any claim, loss or damage that is covered by the insurance carried by Lessor or Lessee at the time of the event; Tenant’s sole and exclusive remedy for any such claim by Lessee shall be limited to the amount that Tenant receives from any such insurance and Lessee expressly waives any right to proceed against Lessor therefore.

10. Lessee warrants that:

11. For purposes of this Agreement, the permanent base of operation of the Aircraft shall be Cleveland, Ohio (CLE).

12. Neither this Agreement nor any party’s interest herein shall be assignable to any other party whatsoever. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their heirs, representatives and successors.

TRUTH IN LEASING STATEMENT UNDER SECTION 91.23

OF THE FEDERAL AVIATION REGULATIONS.

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MAINTAINED WITHIN THE 12 MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT IN ACCORDANCE WITH THE PROVISIONS OF FAR PART 91 AND ALL APPLICABLE REQUIREMENTS FOR THE MAINTENANCE AND INSPECTION THEREUNDER HAVE BEEN MET.

IN WITNESS WHEREOF, the parties hereto have caused the signatures of their authorized representatives to be affixed below on the day and year first above written. The persons signing below warrant their authority to do so.

A copy of this Agreement must be carried in the Aircraft while being operated hereunder.

NOTE: Time Sharing is considered commercial for tax purposes. Therefore, the Lessor should collect the current percentage (%) Excise Tax on the amounts paid and Segment Charges and remit to the IRS using IRS Form F20 (if in effect).

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ADDENDUM

This Addendum relates directly to the TimeSharing Agreement entered into between Amsdell Holdings I, Inc. (“Lessor”) and U-Store-It Mini Warehouse Co. (“Lessee”) effective October 22^nd, 2004.

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